Data shows that the total liquidation amount across the network in the past 4 hours reached 270 million, with long positions liquidated at 259 million and short positions liquidated at only 11.36 million. This extreme asymmetrical liquidation structure reflects the market's rapid decline as BTC fell below 108,000 and ETH fell below 3,700, leading to a short-term cleansing of overly leveraged long positions. Although BTC, ETH, and SOL are still in a downward trend technically, such concentrated long liquidations usually indicate that selling pressure momentum is released in a concentrated manner in a short time, and the market may enter a brief technical rebound or sideways consolidation due to the lack of fuel available for liquidation.

Currently, one should avoid chasing short positions during the liquidation peak and instead focus on whether the price can stabilize above key support levels, such as the BTC range of 107000 to 108000. If there can be a quick rebound to absorb some liquidity, short-term long positions can be taken. However, the overall market structure is still dominated by short positions, so any rebound may be temporary, and a strict short-term long strategy should be adopted.